We all want the best for our aging loved ones and when it comes to the point that they can no longer handle important financial tasks, it can be best to put a Power of Attorney into position.
When a loved one can no longer handle their responsibilities it is best to have a family member or close friend take over the responsibilities of caring for their estate and their well-being as a Power of Attorney. This person can be in charge of as much or as little that your loved one wants. Sometimes the laws related to caregiving can be complicated. Here are some Power of Attorney terms from the 2015 Florida Statutes that will be very important for those who continue researching more about this topic.
Agent: a person granted authority to act for a principal under a power of attorney, whether denominated an agent, attorney in fact, or otherwise. The term includes an original agent, co-agent, and successor agent.
Principal: an individual who grants authority to an agent in a power of attorney
Power of Attorney: a writing that grants authority to an agent to act in the place of the principal, whether or not the term is used in that writing. If you would like to read more about Power of Attorney statutes, visit their website here.
Secure Aging is here to help by professionally managing your loved one’s finances and keeping your mind at ease. Our services range from monitoring monthly statements, to fully advocating for our clients’ well-being and safety. Give us a call if you have additional questions about what it means to become a Power of Attorney for an aging parent or other loved one. We are here to help make your life easier!
Reba Rogers, CPA, is the founder of Secure Aging, a group of care managers who preserve the independence and protect the assets of seniors by helping them with financial management. She is also a Director Consultant for BNI (Business Network International), a referral marketing organization which gives her access to many trusted business professionals in the community.
